Question
1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money...
1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money is not intended to be a loan. Which of the following statements is true?
Select one:
a. The Enterprise Fund will report capital contributions of $85,000.
b. The Enterprise Fund will report expenses of $85,000.
c. The Enterprise Fund will report other financing uses of $85,000
d. The Enterprise Fund will report advances of $85,000.
e. The Enterprise Fund will report transfers out of $85,000.
2.) Which of the following statements is true about transfers into an Enterprise Fund?
Select one:
a. They are always reported as capital and related financing activities in the statement of cash flows.
b. They are always reported after operating income in the statement of revenues, expenses, and changes in net assets.
c. They do not affect changes in net assets of the proprietary fund.
d. They are always reported as noncapital financing activities in the statement of cash flows.
Answers
1. Option E
The Enterprise Fund will report transfers out of $85,000.
2. Option B
They are always reported after operating income in the statement of revenues, expenses, and changes in net assets.
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